empty
 
 
30.03.2023 07:51 AM
GBPUSD, H4 | Continue to 1st Support?

The GBP/USD chart shows a bearish momentum, indicating the possibility of price continuing its decline towards the first support level. Presently, the price is testing the first resistance level at 1.2343, which is a multi-swing high resistance level. A failure to break through this resistance could initiate a bearish move towards the first support level at 1.2185. This level is a robust overlap support, confluencing with a 38.20% Fibonacci retracement.

If the first support level is broken, the price could sustain its bearish momentum towards the second support at 1.2127. This level is also an overlap support and has a 38.20% Fibonacci retracement lining up with it. On the way up, there are two strong resistance levels, with the first being 1.2343, as mentioned before, and the second at 1.2445, which is a multi-swing high resistance level.

This image is no longer relevant

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback